Suez Canal Company, Egyptian Arab Land Bank sign mortgage financing deal

Egypt’s Suez Canal Company for Development and Real Estate Investment signed a cooperation protocol with the Egyptian Arab Land Bank on Tuesday to provide mortgage financing facilities for residential and administrative units developed under its projects.

Under the protocol, the bank will offer mortgage financing facilities to Suez Canal Authority employees, pensioners, and other citizens seeking to purchase units in the company’s projects.

The agreement also includes studying the bank’s participation in marketing the company’s various real estate projects to maximise the use of its assets, in line with the Suez Canal Authority’s 2030 strategy.

Suez Canal Authority Chairman Osama Rabie welcomed the cooperation, saying it supports efforts to optimise the use of assets owned by the authority’s affiliated entities while providing quality housing units for employees, pensioners, and citizens.

Rabie also affirmed the authority’s commitment to providing suitable housing and flexible payment facilities for employees and citizens in the Canal cities as part of its social role in improving living standards.